[ad_1]
Here are five things you need to know for Monday, June 21:
1. – Stock futures rise on Monday
Equity futures rose on Monday as investors dealt with signals from the Federal Reserve last week that it could raise interest rates and start cutting asset purchases sooner than expected.
Dow Jones Industrial Average-related contracts gained 210 points, S&P 500 futures rose 19 points, and high-tech Nasdaq futures rose 65 points.
The S&P 500 ended its worst week since February on Friday after St. Louis Federal Reserve Chairman James Bullard said the central bank began talks on reducing the pace of its $ 120 billion monthly bond purchases. He also predicted that the first rate hike could come as early as 2022.
Bullard’s comments follow on from the central bank last week that it could hike rates twice in 2023 and expect inflation to rise 3.4% this year, far more than forecast previous ones. The markets were caught off guard by the hawkish backbone of the Fed as it had assured investors that any spike in inflation would only be temporary.
Investors will closely follow the appearance in Congress on Tuesday of Fed Chairman Jerome Powell.
The yield on the benchmark 10-year Treasury bond fell to 1.441% on Monday morning.
2. – Bitcoin collapses as Chinese crackdown intensifies
Bitcoin prices fell on Monday as China stepped up its crackdown on cryptocurrencies.
Bitcoin fell 5.84% to $ 32,770 and Ethereum, the second largest digital currency, fell almost 8%.
The Chinese city of Ya’an has reportedly started a sweeping crackdown on crypto mining companies, Bloomberg reported.
A government official in Ya’an told at least one Bitcoin miner that the city had promised to eliminate all Bitcoin and Ether mining operations within a year, Bloomberg reported, citing a person with knowledge of the situation.
China last month reiterated a call for a crackdown on Bitcoin mining and trading, while the People’s Bank of China said digital coins were not “real currencies.”
Bitcoin peaked at over $ 64,000 in mid-April. It has stabilized between around $ 30,000 and $ 40,000 since it collapsed last month.
3. – The first day of Amazon has started
Amazon (AMZN) – Get Report Prime Day has kicked off, with the online retail giant pledging more than 2 million deals during the two-day event.
Telsey Advisory Group analysts predict this year’s Prime Day will generate between $ 11 billion and $ 12 billion in sales, with $ 8 billion to $ 8.5 billion coming from buyers in the United States.
Jim Cramer of TheStreet explains how he approached Amazon stocks ahead of the big day.
Buy Amazon Stock in “Monday Teeth?” Jim Cramer’s Day One Preview
Bret Kenwell of TheStreet said it had been months since Amazon had a strong and sustained rally. But the title fared better until Prime Day.
The stock has risen more than 7% since the start of the year.
Is Amazon heading to new heights?
Amazon competitors such as Walmart (WMT) – Get Report and Target (TGT) – Get Report held their own sales events this week.
Amazon and Walmart are part of Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the shares? Find out more now.
4. – This week’s schedule: home sales and GDP, FedEx and BlackBerry revenues
The economic calendar in the United States on Monday is bare, but data will be released later in the week on home sales, jobless claims, durable goods orders, gross domestic product, manufacturing and personal incomes and Personal expenses.
Earnings reports are expected this week from Nike (NKE) – Get Report, FedEx (FDX) – Get Report, BlackBerry (BB) – Get Report, KB Home (KBH) – Get Report, Rite Aid ( RAD) – Get Report, IHS Markit (INFO) – Get Report, CarMax (KMX) – Get Report, Accenture (ACN) – Get Report and Darden Restaurants (DRI) – Get Report.
5. – CNH Industrial buys Raven Industries for $ 2.1 billion
CNH Industrial (CNHI) – Get Report has agreed to buy agricultural technology company Raven Industries (RAVN) – Get Report for around $ 2.1 billion.
CNH Industrial will pay Raven $ 58 per share, a 50% premium over Raven’s Friday closing price of $ 38.62.
Raven shares jumped more than 47% in pre-market trading Monday to $ 56.86. CNH shares fell slightly.
[ad_2]
picture credit